Sir Philip Green’s retail empire has hit further troubles this week, as Topshop has announced annual losses of almost £170m.
The high street clothing brand blamed a ‘dramatically’ changed retail landscape as well as increased competition within the industry.
In the annual results up to September 1st, Topshop reported a loss of £169.2m, compared to a £49.4m profit last year.
The results are for Taveta Investments, the holding company of the business owned by Green’s wife Tina.
The troubles for Green didn’t stop there as Jamie Drummond Smith, appointed interim chairman in April to help with Arcadia’s restructuring, quit the company and Chief Operating Officer David Shepherd, who had been at the group for more than 25 years, took early retirement.
It is not just Green’s business interests that have suffered in recent times, as his personal wealth has decreased by around £4bn in the last six years.